SUNWAY(SZ:002469) Tianfeng Securities·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [9][11][18]. Core Insights - The company has shown steady revenue and profit growth, driven by its engineering, chemical, and new materials segments. In 2023, the company achieved a revenue of 2.657 billion yuan, a year-on-year increase of 1.82%, and a net profit attributable to shareholders of 282.18 million yuan, up 3.07% year-on-year [7][9][18]. - The company has a healthy financial position with a low debt ratio of 17.84% and significant cash reserves, amounting to 1.703 billion yuan, which represents 47% of its total market value [7][11][18]. - The report highlights the potential for future growth from new projects, including a significant chemical engineering order worth 1.307 billion yuan, expected to contribute to performance in 2024-2025 [7][9][18]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 21.2%, an increase of 1.67 percentage points year-on-year. The net profit margin also improved by 0.2 percentage points to 10.9% [6][7]. - The company's cash flow from operations (CFO) was 505.85 million yuan, with a cash collection ratio of 105.52% [6][7]. - The report provides a financial forecast, projecting revenues to grow to 2.913 billion yuan in 2024, with a net profit of 320.72 million yuan, reflecting a growth rate of 13.66% [10][15][18]. Business Segment Analysis - The engineering segment generated revenues of 470 million yuan, a decrease of 16.3%, while the engineering design segment saw a revenue increase of 25.6% to 120 million yuan [8]. - The chemical and catalyst segment reported revenues of 1.38 billion yuan, up 3.5%, with a gross margin of 14.1% [8]. - The new materials segment has initiated two subsidiaries focused on the development of new materials, with initial sales of 1.96 million yuan from cellulose acetate butyrate [8][16].